Main menu

GM profits fall 41 percent in second quarter: Autoweek TV

Also in this episode: Reports show mixed July automotive sales figures, and Penske Racing has released driver A.J. Allmendinger following a failed drug test.

TRANSCRIPT

-- GM profits take a hit.

-- Who were the winners and losers in car sales last month?

-- And A.J. Allmendinger is out at Penske Racing.

I'm Greg Migliore, and this is Autoweek TV for Thursday.

General Motors' second-quarter profits fell 41 percent to just less than $1.5 billion. The situation in Europe is weighing heavily on GM earnings, and the company made almost $2 billion in North America.

Car sales last month were a bit of a mixed bag. Overall they increased 9 percent compared with July 2011—that's good. And Toyota, Honda, Chrysler and Nissan were all up. But GM and Ford had significant drops, to the tune of 6 percent and 4 percent, respectively.

And, Penske Racing released A.J. Allmendinger on Wednesday after he failed a drug test. He'll be replaced by Sam Hornish Jr. for the rest of the season. Penske said it will evaluate its options for the No. 22 car for 2013.

We'll have details on this developing story, and come back to autoweekracing.com for all of the news from the track this weekend.